SALEM, ORE. — Northmarq has arranged $12.9 million in refinancing for May’s Landing Apartments, a multifamily community in Salem.
Salem-based Rushing Group, the borrower, recently constructed the garden-style, 96-unit multifamily property. The permanent refinance will allow the borrower to take out its interim bridge debt, which it utilized during the property’s lease-up, and return equity for its next multifamily development.
Conor Freeman of Northmarq’s San Diego office arranged the refinancing for borrower. The transaction was structured with a 10-year term and 10 years of interest-only payments.